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News > RESOLVED Known Issue: Carryforward of Investment Tax Credits (ITC) from T2038

RESOLVED Known Issue: Carryforward of Investment Tax Credits (ITC) from T2038


We have become aware of an issue with the carryforward of Investment Tax Credit (ITC) details from the T2038 form.

Details

When carrying forward from TaxCycle or from competitor software, the data from form T2038 Investment Tax Credit (Individuals) did not include the lesser of the Mineral exploration tax credit (METC) on line B or the ITC claim calculated on lines H and J in Part D.

This amount should have been included in the Previous year's claim for federal investment tax credit field in section II of the T1229 Statement of Resource Expenses and Depletion Allowances.

This issue affects returns from 2014 onward.

Recommendation

We recommend you review previously-filed T1 returns to verify that prior year ITC amounts were entered correctly on the T1229. If required, file an adjustment with the CRA to correct the return.

Resolution

Resolved in version 8.0.34609.0. Please update your software.


 

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